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Posts from November 2018.
Posted in Estate Planning

You might have heard before that the sins of the father shall be visited upon the sons.  This was certainly the case in a decision recently handed down by the Wyoming Supreme Court.  

In E.G.W. v. First Federal Savings Bank of Wyoming, 413 P.3d 106 (3/15/18), the Court upheld and enforced a “no-contest” clause in a grandfather’s Revocable Trust, which resulted in two minor grandchildren forfeiting their shares of the Trust due to their father filing a trust contest.   

Posted in Estate Planning

A recent Rhode Island case illustrates the need to carefully exercise any power of appointment retained by a grantor over a trust.  Jaffe v. Pournaras, 178 A.3d 978 (2/23/18).

In this case, the Grantor had created an irrevocable trust in 2003, naming his son as the Trustee.  Under the terms of the Trust, the Grantor retained a power to appoint its assets to or for the benefit of his descendants, in any shares and amounts he would direct. 

Posted in Estate Planning

The recently enacted Tax Cuts and Jobs Act (TCJA) allows each individual to exempt $11,180,000 from federal estate tax in 2018 ($11,400,000 in 2019). A married couple would need over $22,000,000 in assets before their estate would be subject to federal estate tax. With less individuals owing federal estate tax, you may wonder, “Do I need an estate plan if my estate will not be taxed?” The answer is yes, you do need an estate plan because your estate plan is much more than a tool to reduce federal estate taxes. Regardless of the size of your estate, below are five reasons why you need an estate plan.

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